Securities Commission- Why Are You Still Waiting?

The Securities Commission should have started investigating the improprieties of the RM1 billion deal involving Talam Corporation Bhd and the Selangor government by now.

Why is it still keeping silent and still snoring away when one of the biggest land scandal has exploded?

Talam Corporation – now renamed Trinity Corporation – has clearly misled and cheated its shareholders by providing false information, claiming its valuation of the deal was scrutinized and approved by the SC and Bursa.

The SC and Bursa have, in the past, hauled in companies and even the press for smaller violations. Businessmen have been jailed for providing false information and yet the SC is sitting tight.

Talam misled the public into claiming its valuation was “fair and reasonable” even though Bestari Land was overpriced by RM42 million and one of the four plots of Danau Putra land was RM28 million more than the auction price in the open market

There are other good reasons for SC to investigate – the SAP Holdings Bhd is a Kumpulan Hartanah Selangor subsidiary where minority share holders’ interest are involved. There is a strong case of mismanagement here.

Your job as a regulator to protect the market from dishonest public listed companies must be seen. Wake up, Datuk Ranjit Singh, the new SC chairman, show us you can crack the whip!

Source: Stop The Lies

SCTalam Corp